CALGARY, ALBERTA–(Marketwired – July 31, 2017) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
DIVERGENT Energy Services Corp. (“Divergent” or the “Corporation“) (TSX VENTURE:DVG) announces that the Linear Electromagnetic Submersible Pump (the “Linear Pump“) that was removed from a client’s well due to an electrical issue has been inspected and Divergent provides the following update.
After a complete inspection of the motor it has been determined that the ground fault occurred in the motor lead – the section of cable that exits the motor and is then spliced to the main power cable. The wiring inside the motor was intact and tested normal. In addition, the shaft of the motor was in good condition indicating the motor had been running smoothly. The pump section was inspected by its manufacturer, and based on the condition of the pump after nearly three months of operation, there are modifications identified to improve the pump design. The tubing anchor was intact and appeared to have been effective in eliminating damage to the main power cable.
At this time we are in discussions with the client for next steps with the Linear Pump. The Corporation does not anticipate making any changes to the design of the motor at this time, and is expecting the pump section to be modified for the next installation. The full findings of the inspection of the motor and pump will not be released publicly in order to keep our advancements from competitors.
Divergent has also been approached by a client in the US who is interested in having a Linear Pump installed to evaluate its potential to replace pumpjacks in their wells. Updates will be provided as they become available.
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides an array of Artificial Lift products and services that are used in the oil and gas industry. Products include Electromagnetic Pumps, Electric Submersible Pumps, and Electric Submersible Progressing Cavity Pumps.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements, including, without limitation, statements pertaining to operational updates. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Corporation at the time the information is presented. The Corporation may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Corporation undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
President and Chief Executive Officer
Chief Financial Officer
DIVERGENT Energy Services Corp.
1500, 715 – 5th Ave SW, Calgary, AB T2P 2X6
(403) 543-0069 (FAX)